Cross-Listing and Capital Investment Decisions
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 한승수 | - |
dc.contributor.author | Don Herrmann | - |
dc.contributor.author | Tony Kang | - |
dc.contributor.author | Michael Wolfe | - |
dc.date.accessioned | 2021-09-04T21:52:34Z | - |
dc.date.available | 2021-09-04T21:52:34Z | - |
dc.date.created | 2021-06-17 | - |
dc.date.issued | 2015 | - |
dc.identifier.issn | 1229-3288 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/95301 | - |
dc.description.abstract | This study examines how cross-listing in the U.S. relates to the efficiency of capital investment decisions. We find that U.S. cross-listed firms exhibit greater investment efficiency than foreign firms not cross-listing in the U.S. We then explore whether this finding is related to the type of cross-listing (exchange vs. non-exchange) and the strength of the home country disclosure environment. We observe a stronger association between cross-listing and investment efficiency for exchange-listed ADRs, subject to U.S. disclosure and enforcement requirements, than for non-exchange listed ADRs. We further find that this association is largely concentrated in exchange-listed firms from weaker home country disclosure environments where the potential benefits of cross-listing in the U.S. are greater. Our findings provide new evidence regarding the possible internal benefits to cross-listing. For instance, we provide evidence that actual managerial decisions, specifically capital investment efficiency, are associated with cross-listing. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | 한국회계학회 | - |
dc.title | Cross-Listing and Capital Investment Decisions | - |
dc.title.alternative | Cross-Listing and Capital Investment Decisions | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | 한승수 | - |
dc.identifier.bibliographicCitation | 회계학연구, v.40, no.2, pp.39 - 74 | - |
dc.relation.isPartOf | 회계학연구 | - |
dc.citation.title | 회계학연구 | - |
dc.citation.volume | 40 | - |
dc.citation.number | 2 | - |
dc.citation.startPage | 39 | - |
dc.citation.endPage | 74 | - |
dc.type.rims | ART | - |
dc.identifier.kciid | ART001984452 | - |
dc.description.journalClass | 2 | - |
dc.description.journalRegisteredClass | kci | - |
dc.subject.keywordAuthor | Cross-Listing | - |
dc.subject.keywordAuthor | Investment Efficiency | - |
dc.subject.keywordAuthor | Reputational Bonding | - |
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